Making a home energy efficient requires you to spend
money up front. That's a stumbling block for a lot of people. That's why the government
has an energy efficiency tax credit. Spend up to $1,500 and get 30 percent back on
approved products. This includes stoves, air conditioners, insulation, roofing supplies
and more. The credit is good through Dec. 31, 2010. Other specialized credits extend
By: G. M. Filisko
Follow these steps to ensure your home search is fun and productive.
Most potential homebuyers are a smidge daunted by the fact that they're about to agree to a hefty mortgage that they'll be paying for the next few decades. The best way to relieve that anxiety is to be confident you're purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.
1. Decide how much home you can afford
Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.
2. Develop your home wish list
Be honest about which features you must have and which you'd like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.
3. Select where you want to live
Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.
4. Start saving
5. Ask about all the costs before you sign
A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area-including home inspections, attorneys' fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you'll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.
6. Get your credit in order
7. Get prequalified